Regulatory Alerts2017-03-27
Added · Updated
Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions
Persons in the Republic of China possessing or needing foreign exchange valued at New Taiwan Dollars 500,000 or more must declare receipts, disbursements, or transactions through banking enterprises. Declarations are categorized into three levels: direct processing for routine trade and small remittances, documentation verification for larger single remittances (USD 1 million for companies/firms, USD 500,000 for associations/individuals), and prior Bank approval for essential remittances exceeding annual aggregate limits (USD 50 million for companies/firms, USD 5 million for associations/individuals) or specific non-resident transactions over USD 100,000. The regulations define declarants, including agents and statutory representatives, mandate five-year document retention by banking enterprises, and allow electronic declarations for approved entities while prohibiting untruthful statements.
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